Bitcoin's value dropped below $8,000 on Friday morning, taking $100 billion off the cryptocurrency market as concerns grew over the future of digital currencies this week.

Bitcoin's price soared in 2017--reaching a record high of more than $19,000 in December--but saw sharp declines at the start of this new year due to fears of regulatory crackdown on cryptocurrencies. Bitcoin's value dipped earlier this week when the U.S. Commodity Futures Trading Commission subpoenaed cryptocurrency exchanges Bitfinex and Tether.

Bitcoin wasn't the only cryptocurrency to feel these effects. Ethereum was down 22 percent and ripple dropped 32 percent from Thursday's values.

The volatile nature of cryptocurrencies has spooked entrepreneurs as well. Some companies, like the digital gaming and video distribution platform Steam, stopped accepting bitcoin as a payment method. Just last week, Facebook announced that it is banning ads promoting cryptocurrencies in an effort to prevent users from advertising "financial products and services frequently associated with misleading or deceptive promotional practices."

What's more, Berkshire Hathaway CEO Warren Buffett told CNBC in December that he's very wary of the digital currency movement. "In terms of cryptocurrencies, generally, I can say with almost certainty that they will come to a bad ending," he told CNBC. "When it happens or how or anything else, I don't know."

Published on: Feb 2, 2018